Diversified manufacturer Crane Co., Stamford, CT, reported first quarter sales of $555.1 million, down 18% from the first quarter of 2008. Profit declined 51.8% to $23.3 million.
First quarter 2009 sales decreased $123.7 million, or 18%, including a core business decline of $107.8 million (16%) and unfavorable foreign currency translation of $49.3 million (7%), partially offset by an increase in sales from acquired businesses of $33.3 million (5%).
While our sales and earnings declined significantly from our record first quarter 2008 results, our earnings were in line with our expectations, said Eric C. Fast, president and CEO.
Excluding two acquisitions in 2008, headcount has been reduced by 1,600 people, or 13%, since year end …
Crane Co. 1Q Sales Fall 18%
Diversified manufacturer Crane Co., Stamford, CT, reported first quarter sales of $555.1 million, down 18% from the first quarter of 2008. Profit declined 51.8% to $23.3 million.
First quarter 2009 sales decreased $123.7 million, or 18%, including a core business decline of $107.8 million (16%) and unfavorable foreign currency translation of $49.3 million (7%), partially offset by an increase in sales from acquired businesses of $33.3 million (5%).
While our sales and earnings declined significantly from our record first quarter 2008 results, our earnings were in line with our expectations, said Eric C. Fast, president and CEO.
Excluding two acquisitions in 2008, headcount has been reduced by 1,600 people, or 13%, since year end …
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